GOLD is the﻿ money of the KINGS, SILVER is the money of the GENTLEMEN, BARTER is the money of the PEASANTS, but DEBT is the money of the SLAVES!!!

Tuesday, February 17, 2015

TURKEY GOLD BULLION ATM - Gold Deposits Surge In Turkish Banks

TURKEY GOLD BULLION ATM - Gold Deposits Surge In Turkish Banks

From
the outside, it looks like any other automatic bank machine on the
streets of Istanbul. But rather than notes, this one distributes small
pieces of gold.Gold is hugely prized in Turkey not just for
ornamentation or investment by banks but as a secure way for private
individuals to hold their savings.

Many people in Turkey – which
has one of the lowest private savings rates among major economies – keep
gold as security for a “rainy day” rather than products offered by
banks. According to estimates, Turks hold some 3,500 tons of gold. Banks
have sought to capitalize on the tradition by offering accounts
denominated in gold.

“We were thinking about putting all that
gold back into the financial system somehow, so we decided to create
gold accounts for our clients,” said Seda Yilmaz, marketing manager of
the Kuveyt Turk Bank, the first to do so, in 2007. “So we bought 1 kilo
of gold, and the demand on the first day was 3 kilos. It was a very good
decision, so we decided to move ahead.”

Kuveyt Turk manages
200,000 gold accounts with different products allowing sales by check,
bank transfer or mobile phone. Now with the introduction of the first
ATMs that issue gold as well as the usual banknotes, consumers can
withdraw pieces of gold weighing 1.0 or 1.5 grams.

Commercial banks in Turkey held around 250 tonne of gold —
worth $10.4 billion — in deposits by the end of 2013, an example India
can emulate to monetise huge gold stocks lying with its households to
trim imports and maintain trade equilibrium, according to the World Gold
Council WGC Turkey imports scrap gold mostly from Germany and the
United Arab Emirates, the gold is turned into standard bullion coins and
bars in Turkish refineries and exported. Turkey is at a level to
compete with international gold refining centers like Germany and
Switzerland, Istanbul Gold Exchange

The absolutely stunning
decision by the Swiss National Bank to decouple from the euro has
triggered billions of dollars worth of losses all over the globe.
Buying surreptitiously allows Beijing to buy bullion at bargain prices;
if the world knew how much gold China was really amassing, a run on gold
the likes of which the globe has never seen would likely ensue. “We
believe China is controlling the gold price because it is buying in such
a way so as not to push prices up.” That’s the opinion of respected
precious-metals analyst Julian Phillips of The Gold Forecaster, along
with a host of other informed sources. The “perfect-storm” of
geopolitical instability, diplomatic isolation, severe currency
depreciation, and economic decline now confronting Russia has profoundly
damaged Moscow’s international standing, and possibly for the
long-term.

The repercussions of Russia on a gold-exchange
standard would be immense. Above all, it would mean the first major
schism in the world’s monetary order. China would quite likely follow
suit. It could mean the threat of a severe inflation in the United
States should rafts of unwanted dollars make their way back across the
Atlantic — the Fed’s ultimate nightmare. Above all, the country will
avoid the extreme debt leverages which would not have happened had
Western capitals remained on gold.

GREENSPAN: Yes… Remember
what we’re looking at. Gold is a currency. It is still, by all evidence,
a premier currency. No fiat currency, including the dollar, can match
it